The Power Index ranks five major capital buckets by relative performance for the short window ending March 16, 2026 (Friday close → Monday close). U.S. Equities are proxied by SPY, Treasuries by IEF, Commodities by DBC, Gold by GLD, and Bitcoin by BTC spot close.
The hierarchy changed a little, but not in the place that mattered most. Commodities stayed in first place as oil remained elevated and energy kept its grip on the table. Gold held second. U.S. Equities moved up one spot to third, passing Treasuries, while Bitcoin stayed last again. The leadership did not rotate. Only the middle shuffled.
Ranked: The Middle Moves, the Top Does Not
Commodities remain #1. That makes this another window where the same bucket controls the table. Money is still paying for the hard-asset side of the market first. The interesting part is not that commodities won again. It is how easily they stayed there. The top rank did not look challenged.
Gold holds #2. Gold continues to sit high without becoming the main expression of market power. That is a quiet but important pattern. Defense is still being held, but it is not being chased hard enough to displace the commodity complex. Gold is stable. Commodities are dominant. Those are not the same thing.
U.S. Equities rise to #3. This is the only meaningful reshuffle in the table. Equities improved relative to Treasuries during the short window, which suggests some stabilization after last week’s weaker finish. But third place is still third place. Money was willing to rank equities above duration, not above the stronger defensive or inflation-linked buckets. That is recovery in position, not recovery in control.
Treasuries fall to #4. The bond bucket lost one place as yields stayed elevated and duration remained secondary. This is not a collapse. It is a downgrade in influence. Treasuries were not the preferred hedge in this window. Gold kept that role more cleanly.
Bitcoin remains #5. Again. The last spot is becoming sticky. That matters because repetition is its own signal. If a bucket stays pinned at the bottom while the rest of the table reshuffles around it, capital is not merely cautious on it. Capital is bypassing it altogether.
Positional Takeaways
Commodities remain #1 — energy leadership still defines the table.
Gold remains #2 — defensive exposure holds its place.
U.S. Equities rise to #3 — some relative repair, but no leadership.
Treasuries fall to #4 — duration slips as yields stay firm.
Bitcoin remains #5 — speculative participation still ranks last.
The table loosened in the middle, but the top stayed locked. Commodities still lead, gold still sits right behind them, and Bitcoin still cannot get off the floor. The open question is whether equities moving above Treasuries is the start of broader participation — or just a small seat change inside a room still run by energy.